Overview: Collaborative Innovation

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COLLABORATIVE INNOVATION: OVERVIEW

Product life cycles have shortened 400% over the last 50 years, pushing companies to innovate. 95% of new consumer products fail each year, resulting in businesses wasting 46% of resources devoted to innovation. Companies with successful product and service offerings share a common characteristic: They converse and collaborate with their consumers.

Crowdsourcing* is an increasingly popular way for companies to engage with consumers. Merriam-Webster defines crowdsourcing as "the practice of obtaining needed services, ideas, or content by soliciting contributions from a larger group of people and especially from the online community rather than from traditional employees or suppliers."

Many projects would benefit from crowdsourcing,* but there are others that are best done in-house or with suppliers and partners. In the next few slides, we share an approach to quickly determine...

types of projects that benefit from crowd sourcing

ways to get people to participate

whether to set up collaborative or non-collaborative contributions

the process for deciding project outcomes (e.g., voting, analyses)

* Crowdsourcing creates value by synthesizing collective insights from your target consumers. Making predictions, generating ideas, and rating content are all practices which collectives may do better than your in-house experts or traditional partners.